Shares in Diageo, the world's biggest spirits company, have risen despite a fall in profits.
The popularity of Smirnoff-based drinks has been waning fast
The drink firm reported that pre-tax earnings before exceptional items for the year to June fell 7.5% to £1.82bn ($3.3bn) on sales of £9bn.
But it told investors the coming year would mark a turnaround with higher demand for ready-to-drink products such as Smirnoff Ice.
Shares in Diageo closed up 13 pence, or 1.6%, at 805p.
The rise, analysts said, was partly down to plans announced to double the amount of shares Diageo buys back from investors to £1.4bn this year, as well as to the fact that the profits - although lower - were in line with expectations.
But the improved forecast was also a major factor, they said.
Sales of ready-to-drink products based on Smirnoff vodka fell 25% in continental Europe and 19% in the UK during the year to June.
Now, though, the slide appears to be bottoming out, the firm said.
"Better pricing and a stabilising ready-to-drink trend may give us the opportunity to improve on the net sales growth we achieved this year," said Paul Walsh, Diageo's chief executive.
The firm expected net sales to rise 4% in the year ahead, Mr Walsh said.